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OIL: Iranian Crude Exports Slipping as Sanctions Increase

OIL
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Iran’s crude oil exports are on track for a second monthly decline in November, expected to slip by 54 kbd to 1.43 Mbd according to Kpler.

  • Iranian oil held in floating storage in Malaysia and Singapore waters - the most common area for STS transfers before being shipped to China  - currently stands at 4.7 Mbbls compared to a four-week moving average of 3.76 Mbbls Kpler said.
  • The increase appears to be linked to increased U.S. sanctions as it added 23 tankers to its blacklist in October.
  • Vessels Bendigo and Crystal Rose have been anchored for over a month. Shippers speaking to Kpler have said they are hearing of sanctioned vessels having issues moving cargoes but so far, flows to China remain firm overall.
  • Large refining complexes, with their greater exposure to international financial and trading systems, are typically more sensitive to sanctions than their smaller counterparts.

 

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Iran’s crude oil exports are on track for a second monthly decline in November, expected to slip by 54 kbd to 1.43 Mbd according to Kpler.

  • Iranian oil held in floating storage in Malaysia and Singapore waters - the most common area for STS transfers before being shipped to China  - currently stands at 4.7 Mbbls compared to a four-week moving average of 3.76 Mbbls Kpler said.
  • The increase appears to be linked to increased U.S. sanctions as it added 23 tankers to its blacklist in October.
  • Vessels Bendigo and Crystal Rose have been anchored for over a month. Shippers speaking to Kpler have said they are hearing of sanctioned vessels having issues moving cargoes but so far, flows to China remain firm overall.
  • Large refining complexes, with their greater exposure to international financial and trading systems, are typically more sensitive to sanctions than their smaller counterparts.

 

Keep reading...Show less